UBS has lost nearly all of its UK small and mid-cap equity sales team team to Singer & Friedlander, the UK broker owned by Icelandic banking group Kaupthing.

Marcus Chorley, Ross Mitchinson, François Mercier and James Davenport join Singer & Friedlander to lead its effort to build a UK small and mid-cap equity sales business, and are believed to have been tempted by the offer of equity in the company, according to market sources.